Qatar Oman Investment Company announces the Board of Directors (BOD) resolutions during the board meeting which took place on Saturday, October 18, 2008. The below resolutions have been approved:
(1) Endorsement of the financial results for the period ending September 30, 2008.
(2) The Board has discussed AFAQ project (Under establishment) which is an Omani Company for a capital 200 million Omani Riyal (2 Billion Qatar Riyal). The Board decided to participate in 1,250, 000 shares out of 200 million shares with a nominal value of One Omani Riyal per share. AFAQ will invest in the Omani market in the field of Real Estate mainly in Residential and Tourism.
(3) The Board has also discussed the offer from National Mass Housing Company (Under establishment). Consequently, the Board ha decided to participate with 5% (1,250,000 shares) provided that the authorized capital is 100 Million Omani Riyal (QR 1 Billion) and the paid up capital is 25 Million Omani Riyal (QR 250 Million).
(4) In addition, the Board has discussed the feasibility study submitted by FINCORB Company, which was appointed by the Board of Directors in the past. The study reflects the viability for establishment of Oman Qatar Investment Company in Oman. Therefore, the Board decided to appoint FINCORP to continue all relevant needs such as legal, commercial and financial till the company is listed in Muscat stock market.
The Board has allocated the below percentages to be considered in the establishment.
1- Qatar Oman Investment Company – 20%
2- New founders (10%from Qatar +10% from Oman) – 20%
3- Pension And Social Funds ( 10% from Qatar + 10% from Oman ) – 20%
4- IPO ( 20% from Qatar +20% from Oman) – 40%